asked the Minister for Finance whether the prospective insolvency of the Irish National Teachers' Pension Fund was taken into consideration when arriving at the Ultimate Financial Settlement with Great Britain.
Ceisteanna—Questions. Oral Answers. - Teachers' Pension Fund.
The principle of the apportionment of Statutory or Departmental Funds following the establishment of Saorstát Eireann was laid down by Article 12 of the Transfer of Functions Order, 1922, and was accepted and acted on both by the British Government and the Government of Saorstát Eireann prior to the negotiations which led to the Ultimate Financial Settlement. Accordingly the question of the solvency or otherwise of the Irish National Teachers' Pension Fund did not arise in connection with that Settlement, and was not taken into consideration when its terms were agreed on.
asked the Minister for Finance whether he will state what ratios were adopted in apportioning (a) the Teachers' Contribution Account, and (b) the Endowment Account between Saorstát Eireann and Northern Ireland when the Irish Teachers' Pension Fund was divided; what was the date of that apportionment; what was the total value of the fund at that that date; how many of the pensioners then chargeable to the fund were resident respectively in Saorstát Eireann and Northern Ireland, and how many teachers, contributors to the fund, were resident in Saorstát Eireann and Northern Ireland, respectively; what was the total amount paid during (a) the year of apportionment, and (b) the year preceding that, out of the fund by way of pensions to residents in Saorstát Eireann and Northern Ireland respectively.
The ratios adopted in apportioning (a) the Teachers' Contribution Account, and (b) the Endowment Account between Saorstát Eireann and Northern Ireland when the Irish Teachers' Pensions Fund was divided were 68.2 per cent. to Saorstát Eireann and 31.8 per cent. to Northern Ireland.
The apportionment took effect as from 1st February, 1922. At the date of apportionment the fund consisted of securities of the nominal value of £1,987,799 14s. 4d. and £8,660 11s. 9d. cash. An additional asset of the fund at the date of apportionment was the annual charge of £39,000 on the Church Temporalities Fund in favour of the Pensions Fund. 1,959 of the pensioners then chargeable to the fund were resident in Saorstát Eireann and 714 were resident in Northern Ireland. 9,161 teachers resident in Saorstát Eireann and 3,926 teachers resident in Northern Ireland were contributors to the fund at that date. It would not be possible to give the information asked for in the last part of the question without going to a great deal of trouble and research. It may, however, be stated that the total amount of pensions paid from the fund to residents in Saorstát Eireann in the twelve months ended 31st January, 1923, was £98,270, and that the pensions payable as at 1st February, 1922, in respect of residents in Northern Ireland amounted to £41,103. The total of all pensions paid from the fund in the twelve months ended 31st January, 1922, amounted to £142,282.
asked the Minister for Finance whether, when the Irish Teachers' Pension Fund was taken over from the British Government, any investigation, actuarial or otherwise, was made into the position of the Fund, and, if so, what results were disclosed and what consideration was given to such results when the Fund was being taken over.
When the Saorstát share of the Irish Teachers' Pensions Fund was taken over from the British Government no actuarial investigation was made into the position of the Fund. The necessary investigation was made to secure a proper apportionment of the assets of the Fund between the Government of the Saorstát and the Government of Northern Ireland.